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The rapid economic growth seen in the People's Republic of China in 2003 will slow this year, but will still probably outpace the government's target. Concerned at patches of economic overheating and unbalanced socio-economic development, the government has taken steps to control credit expansion and is emphasizing a more balanced approach, with help for rural areas. But the country faces many challenges, including a weak banking system, state enterprise reform, job creation and poverty reduction

China is crucial to the global strategy of many international companies and financial institutions. Since IFLR published the first edition of The IFLR Guide to China a year ago, foreign investors have flocked to the country in greater numbers than ever before. They are committing money and energy with the aim of building relationships and brand names as fast as possible to get ahead of the competition.

Legal and practical barriers make challenges to the boards of French companies hard, but Eurotunnel could set a trend. By Eric Cafritz, James Gillespie and Frédérique Jaïs

The Swiss Federal Statute on Mergers, Spin-offs, Conversions and Transfers of Assets (the Merger Law) entered into effect on July 1 2004. It offers companies more flexibility but also creates more risk. Although the Merger Law focuses only on the four above-mentioned types of transactions, it applies not only to corporations and other legal entities but also to partnerships, sole proprietorships, pension funds and, to a certain extent, public institutions.

On March 9 2004 the president of the Russian Federation adopted Decree 314 On the System and Structure of Federal Executive Authorities (the Decree). The Decree, which came into force on March 11 2004, and the recent Presidential Decree 649 of May 20 2004 amending the Decree, provide for the general restructuring of the system of federal executive authorities and increase the effectiveness of the new federal executive authorities system. The Decree abolished most federal bodies and delegated their functions to newly organized ones.

Adam Glass surveys the prospects for securitization lawyers and their clients as the market searches for the next innovation

On May 7 2004 the Netherlands Supreme Court (Hoge Raad) rendered a judgment with respect to a private limited liability company (a besloten vennootschap or B.V.) providing financial support to third parties for the purpose of buying shares in a B.V. This issue is regulated by article 2:207c of the Netherlands Civil Code (the NCC), the purpose of which is to protect the creditors of a B.V. against a large withdrawal of capital for the benefit of the shareholders of a B.V.

The Ministry for Economy and Finance enacted on May 27 2004 a Circular on interpretation of the Decree of December 1 2003, n 389 (Decree 389) (see IFLR, International briefings, March 2004) regulating, among other things, derivative transactions for Italian local authorities and regions.

The Ministry of Finance and Economy (Mofe) has presented a draft amendment of the Collective Investment Asset Management Business Act (CIAMBA) to include a new chapter on private equity funds and hedge funds (private investment vehicles).

Prompted by the transition from real estate-based financing to cashflow-based financing, the Ministry of Justice is considering a new registration system to record the transfer of title to movable assets, such as inventory and equipment. The new system would facilitate financial transactions involving chattel mortgages by making such mortgages more reliable and secure.